Simon Property Group walked away from its £2.9 billion bid for Capital
Shopping Centres yesterday, leaving the way clear for its target to push
through a deal to buy Manchester’s Trafford Centre.

In a widely trailed move, the United States-based Simon said that it would not
bid before today’s deadline set by the Takeover Panel. Simon is now barred
for six months from approaching CSC, which owns regional shopping centres
including the Metro Centre in Gateshead.

Simon, which owns 5.1 per cent of CSC, is urging other investors to vote
against the company’s £863 million all-share tie-up with John Whittaker’s